Petro, Venezuela’s State Owned Cryptocurrency Receives Satoshi Nakamoto Prize 5649
Sharat Chandra
Apr 19, 2018 at 12:00 AM

The Venezuela state-owned cryptocurrency, Petro, has been conferred the Satoshi Nakamoto Prize by the Russian Cryptocurrency and Blockchain Association (RACIB). The award commemoration was part of RACIB’s BLOCKCHEINF-2018 international congress.

RACIB is a support group active in the Russian blockchain and cryptocurrency scene. Petro was one of the 13 other award recipients in different categories comprising mainstream finance, fintech, and government institutions. The function took place at the World Trade Center, in Moscow, Russia. The honor given to the Petro was for the cryptocurrency’s remarkable enrichment to the development of the blockchain industry. Carlos Rafael Faria Tortosa, the Venezuelan ambassador to Russia, was in gathering at the event to receive the award.

This award is also apparent to strengthen the suspicions of Russian preoccupation in the Petro cryptocurrency. Statements emerged in March 2018 that Russian government officials had supported Venezuela to realize the making of the Petro cryptocurrency. A March 2018 Time report alleged that Russia secretly aided Venezuela to develop and launch the Petro cryptocurrency in a bid to undercut U.S. sanctions. The report states that Russian associates, Denis Druzhkov and Fyodor Bogorodsky, working for the government under the aegis of President Vladimir Putin, were used as intermediaries between Russia and Venezuela.

The Venezuelan legislature termed the Petro as illegal and unconstitutional. Many of its sharpest critics within the country see it as another parkway for corruption in a country already plagued by crippling economic crisis. U.S. President, Donald Trump, also recently signed an executive order banning the cryptocurrency in the United States.

President Maduro advocates that the Petro is a viable way by which the country can work around sanctions and begin to prosper again as a nation. In an address delivered to the nation in February 2018, President Maduro announced that the Petro raised about $735 million during its pre-sale.


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